SE Asia Stocks-Rally as Brexit impact fades; Jakarta near 1-yr high

Redacción de Reuters

4 MIN. DE LECTURA

By Shashwat Pradhan
June 29 (Reuters) - Southeast Asian stock markets rallied on
Wednesday, in line with Asian peers, as the immediate impact of
Britain's vote to leave the European Union began to fade and
investors bet central banks would have to ride to the rescue
with more stimulus measures.
Aiding sentiment was data showing the U.S. economy grew at a
1.1 percent annualised rate in the first quarter, rather than
the 0.8 percent pace reported last month.
The impact of Brexit on the markets will be temporary, with
the broader southeast Asian markets taking cues from global
markets following the solid U.S. economic data, said analyst
Arief Budiman of Ciptadana Securities in Jakarta.
Any bounce was welcome, given global equity markets shed $3
trillion in value in the two sessions following Britain's shock
vote, according to S&P Dow Jones Indices.
MSCI's broadest index of Asia-Pacific shares outside Japan
rose 1 percent to recoup around one-third of
Friday's loss.
Indonesian shares jumped 2 percent to their highest
since July 3, 2015, extending gains into a third session, aided
by the tax amnesty bill that is expected to create inflow of
repatriated funds.
"We are not waiting for Godot ... (The impact of the bill
could include) lower bond yield, which means potential higher
market valuation and lower funding cost," said analyst Isnaputra
Iskandar of Maybank Kim Eng Securities in a note.
Indonesia's central bank governor expects the bill to help
boost the country's economic growth rate to around 5.2-5.3
percent this year, from 4.8 percent last year.
Philippine stocks bounced back from Tuesday's loss
and closed 1.7 percent higher, after the Finance Department said
the government budget surplus widened to 55 billion pesos ($1.17
billion) in April
Singapore shares ended up 1.3 percent, with financial
stocks such as DBS Group Holdings Ltd leading the
rally.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the
day
Market Current previous Pct Move
close
Singapore 2792.73 2756.53 1.31
Bangkok 1442.66 1437.42 0.36
Manila 7798.53 7666.69 1.72
Jakarta 4980.105 4882.171 2.01
Kuala Lumpur 1642.21 1634.04 0.50
Ho Chi Minh 630.12 622.2 1.27
Change so far
this year
Market Current End prev yr Pct Move
Singapore 2792.73 2882.73 -3.12
Bangkok 1442.66 1288.02 12.01
Manila 7798.53 6952.08 12.18
Jakarta 4980.105 4593.008 8.43
Kuala Lumpur 1642.21 1692.51 -2.97
Ho Chi Minh 630.12 579.03 8.82
(Reporting by Shashwat Pradhan; Editing by Subhranshu Sahu)